Home Business The response in the pension scheme is low, 17 thousand subscribers in 4 and a half months

The response in the pension scheme is low, 17 thousand subscribers in 4 and a half months

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To fulfill the last election manifesto of Awami League, universal pension scheme was launched on August 17 this year for the financial protection of all citizens of the country. Among the six schemes launched so far are ‘Immigration’ ‘Progress’, ‘Security’ and ‘Equality’. In 4 and a half months, more than 17,000 customers have deposited 225 million taka.

Economists say that the laudable initiative of the government is not gaining popularity due to lack of publicity and trust. And the pension authority says that their customers will get more benefits than any savings scheme in the country.

The initiative of getting monthly pension from the age of 60 by contributing for at least 10 years is not yet popular. 17 thousand 479 people have contributed to this scheme in 4 and a half months till 28 December. Out of Tk 22 crore 46 lakh deposited in the fund, nearly Tk 20 crore has been invested in treasury bonds.

In this context, CPD Honorary Fellow Economist Mostafizur Rahman said that due to the lack of professional manpower and management infrastructure, the universal pension scheme has not been able to respond yet.

Customers can deposit pension installments at low cost through mobile banking system. An agreement has been made with 3 banks including Sonali. Authorities are emphasizing on various media including print, electronic media.

Golam Mostafa, a member of the Universal Pension Authority, says that various steps will be taken to increase the interest of local businesses and expatriates in the schemes after the upcoming national elections. These measures may include interest rate reviews, conducting campaigns on the benefits of public pension schemes abroad through banks and initiatives to encourage officers and employees of the country’s corporate houses to join the scheme.

Besides, the pension authority has signed a memorandum of understanding with the microcredit regulatory authority at the end of the year. Two and a half lakh of their workers will come under universal pension. The authorities want to emphasize such agreements with various organizations in the new year.

It should be noted that the government has kept four schemes in the universal pension launched on August 17. These are — ‘migration’ for expatriates, ‘progress’ for private sector workers, ‘security’ for informal sector workers and ‘equality’ for the disadvantaged.


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